Saving Money After You Buy Your First Home

saving money

Congratulations making the jump from renting to owning your first home.  Even though buying your first home is exciting, it can be intimidating and expensive. After moving, many new homeowners find ways to cut costs and spend cautiously. It can take time to get used to new monthly expenses and build their savings back up to where it was before the purchase of their new home. Below are some ideas for saving money after your move.

Lower Energy Home Costs

Lowering the energy costs in your new home help you save money in the long run, but also help you save money right away.  Here are some small things you can do right away to save money.

  • Lower the Temperature on the Hot Water Heater: Lower the temperature to 120 degrees as it is rare to need water hotter than 120 degrees.  It also keeps the water at a safe temperature for kids.
  • Purchase a Water Heater Blanket: This is an inexpensive purchase that helps to keep the water heater insulated and warmer.
    Install Ceiling Fans: Installing ceiling fans in every room help to keep the air circulating.   A fan can keep you cooler in the summer and warmer in the winter.  For tips on how to use your fan, read this!
  • Use a Programmable Thermostat: Keeping a schedule programmed for times you are home and want more heat or air will keep costs down.  When you do not use a programmable thermostat it is easy to forget to turn the air up or down before you leave.
  • Change your Air Filters and Clean the Vents: When the air filters or vents are dirty it restricts the airflow and makes the HVAC unit have to work harder.

Saving MoneyWait on Home Improvement Projects

When you first move somewhere the excitement is at an all-time high.  Instinct demands you to purchase new furniture and fill every room.  Instinct is not always right.
Wait to Make Any Immediate Changes: Spend some time to see how space works for you.  This not only saves money at the beginning when you are not used to your new monthly expenses, but it also gives you time to determine what furniture or changes are the most important.
Don’t Buy All at Once: If you are nervous about your new monthly expenses, buy slowly.  Pick the most important pieces of furniture or projects and pace the purchases out at a speed you are financially comfortable with.

Save on Entertainment

Find ways to enjoy your new home and save money after your move by staying in more often!  It is acceptable to become a homebody after a move as a way to control costs.  Plan an entertainment budget monthly and do not allow yourself to go over that budget.  Here are some ideas on how to enjoy time but save money.

  • Eliminate Cable: Use Netflix, Hulu or Amazon Prime to watch shows.  Chances are you already have cable and these options.  Choose your favorite and sacrifice a little while you get accustomed to your new home.
  • Invite friends Over:  Spend time with your friends in your new home.  Make cocktails in or have a movie night.  These are still enjoyable nights and will cost far less than going out.
  • Cook at Home: Prep your meals for the week so you do not need to spend money on lunch daily.  Get creative trying new recipes at home for dinner as well.  You can become a great cook and save the money on meals you typically would eat at a restaurant.
  • Dust off the Board Games: Who doesn’t love a good game night?

Financial Money Drains

Everyone can find some financial money drains in their expenses.  For some, it is the gym membership they are paying for and not using and for others, it can be a mail subscription they do not use often enough.  Take an honest look at your monthly expenses and determine if they are all good investments or if they are draining your finances.

Buying your first home is exciting and a great accomplishment!  It is natural to want to save costs after paying the down payment with money you probably spend a good amount of time saving.  I hope these ideas help you to cut your monthly expenses and help you build up that savings account.  What are other ways to save money after you move?

(flickr: pictures-of-money/ via cc)